Nomura’s European digital asset subsidiary, Laser Digital, scaled back its exposure to cryptocurrency assets and tightened risk controls after incurring losses amid market volatility in the third quarter.
Despite these measures, Nomura’s net income still dropped 9.7% year-over-year to 91.6 billion yen, falling short of analyst expectations. Meanwhile, Bitcoin’s price fell below $75,000 on February 2.
01 Market Turmoil
The cryptocurrency market recently underwent a sharp correction, with the price of Bitcoin plunging to around $75,000 today.
This price level represents a roughly 39% drop from its all-time high above $126,000 in October 2025, wiping out a staggering $800 billion in market capitalization over the same period.
Multiple factors contributed to the market crash. A sudden escalation in geopolitical tensions served as the immediate catalyst, prompting traders to liquidate risk assets—including cryptocurrencies—for liquidity.
At the same time, a "liquidation trap" triggered by mass forced unwinding of leveraged long positions intensified the sell-off. Data shows that, on the Saturday when prices began to collapse, over $850 million in bullish bets were liquidated in just a few hours.
Sentiment in traditional financial markets also took a hit, with U.S. stock index futures broadly declining after the weekend open.
02 Nomura’s Response
Amid this market storm, Nomura—Japan’s largest wealth management company—made decisive moves to manage risk. The firm oversees approximately $153 trillion in client assets, accounting for about 15% of the domestic market share.
Nomura’s CFO, Hiroyuki Moriuchi, confirmed that the company had "reduced its cryptocurrency positions" in response to unspecified losses at its digital asset division, Laser Digital, during the third quarter.
At the heart of this move is a tightening of risk controls. Hiroyuki Moriuchi stated, "We have tightened management of positions and risk exposure to curb short-term profit volatility."
This strategic shift comes just after Laser Digital applied for a federal trust bank charter in the United States. Despite adopting a defensive stance in the short term, Nomura’s long-term commitment to digital assets remains unchanged.
Moriuchi emphasized that the company’s "commitment to digital asset-related business has not changed" and expressed hopes to expand its crypto business "over the medium to long term."
03 Underlying Pressures
Nomura’s adjustment of its crypto holdings is not an isolated event, but rather a reflection of broader financial performance and macroeconomic pressures. Even after reducing crypto risk, the company continues to face profitability challenges.
Alongside the announcement of its crypto business adjustments, Nomura also unveiled a 60 billion yen share buyback plan, representing about 3.2% of its outstanding shares.
This move likely aims to signal confidence in the company’s fundamentals and long-term value, even as it faces setbacks in certain high-risk business segments.
Deeper pressures may stem from the macro environment of Japan’s financial markets. The Japanese government bond market recently endured a "harrowing week," with long-term bond yields surging to levels previously considered unimaginable.
Global markets are increasingly concerned that higher Japanese bond yields could become the new normal, potentially prompting domestic investors to repatriate more funds.
For institutions like Nomura, which manage massive domestic assets, such macro shifts inevitably impact overall asset allocation strategies and risk appetite.
04 Diverging Institutional Moves
Nomura’s cautious approach reflects a defensive mindset among some traditional financial institutions amid current market volatility. However, participant behavior in the crypto market is showing clear divergence.
In contrast to the defensive stance of institutions like Nomura, on-chain data reveals that "whales"—investors holding over 1,000 Bitcoin—have been quietly increasing their holdings.
The total Bitcoin held by this group has rebounded to levels not seen since the end of 2024, indicating they are absorbing coins sold by panic-driven retail investors.
Meanwhile, there are also signs of selling from other institutions. For example, monitoring shows that investment firm Fenbushi Capital withdrew 2,432 Ether from exchanges.
This divergence highlights the complexity of today’s market. While short-term price swings and liquidation pressures are forcing some participants to cut positions, long-term believers in crypto fundamentals are viewing the downturn as a buying opportunity.
05 Strategic Takeaways for Gate Users
For the wide community of traders and investors on Gate, Nomura’s experience and the current market climate offer several valuable lessons. Understanding the logic behind institutional moves can help individuals make more rational decisions amid volatility.
First and foremost, risk management is critical. Nomura’s primary goal in tightening exposure was to "curb short-term profit volatility." This underscores that, regardless of market sentiment, clear risk management rules are essential for long-term survival.
On platforms like Gate, this means setting appropriate stop-losses, avoiding excessive leverage, and diversifying asset allocation.
Second, it’s important to distinguish between short-term market sentiment and long-term trends. While Nomura trimmed positions in the short term, it remains committed to digital asset business for the long haul. Likewise, blockchain technology continues to see expanding applications across industries.
The current market correction may actually provide a clearer window for evaluating project fundamentals and positioning for long-term value.
Outlook
Bitcoin’s price briefly fell below $75,000 on February 2. Since its all-time high, over $850 million in leveraged long positions have been forcibly liquidated.
Nomura is not the only institution taking action. Its European subsidiary, Laser Digital, is tightening risk controls and seeking a U.S. trust bank charter after third-quarter losses, aiming to balance short-term defense with long-term positioning amid market turmoil.
